This is my first FULL year in the landscaping business. Quick question regarding tax deductions. So far for this year, I have been keeping track of my gas for my equipment (mowers, weedeater, blower, etc) as supplies expenses. Is the full cost of the gas for my equipment tax deductible? I've been counting the cost as a supplies expense along with other things, (tools, trimmer string etc.) Thanks in advance for any help.

CHEESE2009

03-26-2012, 04:36 PM

What you spend is never fully recovered, you do receive a percentage back on most things. The percentage you receive back highly depends on your area.

nickeckes

03-26-2012, 08:43 PM

any fuel you buy for equipment is tax deductible. . BESIDES your truck (fuel). . you keep track of your miles for that and they deduct off your miles you put on for business. . any thing you buy for the company. . you can write off on your taxes. . even if you buy a notebook and pens. . anything and i mean anything you buy you can right off.....

CS-LawnService

03-27-2012, 04:53 AM

plus fuel for equipment you can deduct the road use tax per gallon

stevef1201

03-27-2012, 06:05 AM

Before you ask this question here, or from friends etc-CONTACT AN ACCOUNTANT- keep alllllllll your recipts, keep detailed records of how many miles you drive for business, it is best to have two vehicles. By keeping very detailed records and alll of your receipts with an accoutnants help you can make good money and write off just about everything.

Steve

03-27-2012, 01:07 PM

Are you going to be doing your own taxes with a tax software product or will you be using an accountant/tax preparer?

HAMPTON ROADS LAWN CARE

03-28-2012, 08:00 AM

I will tell you like this!!!

I have 2 trucks and so my dually is straight business use!

There for I right off the payment, insurance and all diesel that goes into my truck!

I also write off all gas for my mowers and trimmers etc....

But like it was said earlier in this thread just about anything.

My accountans have always told me that you cannot write off food based on breakfast or lunch etc BUT "if you take a client to lunch, dinner ect" its covered but only half of the bill not including tip!

So there for if you take your family out for dinner just say "its business related" and you can write off half.

Also your big purchaces like mowers, trailer, and truck will be spread over a 5 year period minus depreciation and you can write off a certian amount every year!!!

If at the end of the year you are in the negative they will roll that into your personal taxes and you will get a nicer return because your business loss takes away your from personal gain in your personal taxes!!!

So make sure you save everything and keep detailed records because it will save you $$$$ @ the accountant!!!

Lastly like said earlier if you only have 1 truck doccumet your milage from when you leave home to when u get back home because you can right off the milage I remember a few years ago they were payig 49.5 cent a mile!!!

Hope this helps!!!

kymd82

03-29-2012, 06:39 AM

Thanks for all of the help guys! I am using Quickbooks Pro to help me keep track of everything. It's been a wonderful piece of software so far. I have made sure to keep receipts of EVERYTHING that I buy for the business. I use my truck for both personal and business use, so I have been keeping a log book for the mileage. I assumed that the gas for my equipment (weedeater, blower, mower etc) would count as supplies and be fully tax deductible. I'm getting the idea that come tax time, that the IRS gives only a partial deduction for "off-road" gas? I assumed the gas would be considered straight supplies and I'd be able to deduct the full amount off of the business income.

justin_time

03-29-2012, 09:51 AM

What I usually do, when I get to the gas station, I use 2 different pumps. I fill up my truck with 1 pump, then put the gas for equipment with another pump, that way you can know exactly what your spending on equipment fuel. I also make the gas bar attendant make me 2 separate lines for my truck and equipment then it gives me my total. Then i write truck beside the amount.